Bidshift Secures $3.5 Million in Funding
Series B financing to support sales pipeline and new hires

San Diego, Calif. (May 24, 2004) - BidShift™, the market leader in creating healthcare software solutions to address the national nursing crisis, announced today it has secured a $3.5 million Series B round of venture financing. Led by Himalaya Capital, the financing was supported by new investor Carrot Capital and existing investors Aperture Venture Partners, RK Capital, Henry Wilder, Michael Goldberg, David Gold, GC Capital, and CEO Bruce Springer. The new round of financing brings the total capital raised by BidShift to $6 million.

BidShift will use the funding to respond to strong customer interest by broadening its sales and client service teams, further building its partnership network, and expanding development of its market leading product offering.

With BidShift, hospitals can now create an internal registry system and allow qualified nurses and other clinical staff to view and "bid" for all available open shifts over a Web-enabled interface.
BidShift is offered as a delivered software service, which means that BidShift will manage the software, allowing for rapid deployment, low capital budget costs and little to no need for hospital IT resources. Healthcare providers can deploy the product in weeks and can choose from numerous tools and formats that work within their specific market situation and staffing structure.

Seventeen hospitals across the country now use or are implementing BidShift, such as Sharp Healthcare in California and Clarian Health Partners in Indiana. Each has used BidShift software since 2002 to optimize and recruit clinical staff, reduce the costs of filling open shifts, decrease staff turnover through improved employee satisfaction, and increase the quality of patient care. BidShift clients are operating under a new, more efficient, industry paradigm that allows them to realize significant savings and an excellent return on investment.

"We're thrilled to close on this round of financing because demand for our product is rapidly escalating and requires an expansion of our team and resources to take advantage of the opportunity," said Bruce Springer, CEO and president of BidShift. "BidShift was the first commercial product of its kind in the healthcare market and continues to set the standard for shift bidding.

"Himalaya and the investors recognized our leadership position and have expressed their confidence through the closing of this round of financing," he added.

"BidShift is clearly poised to take advantage of its leadership position in the growing market for shift bidding and hospital staffing software," said Saul Richter, principal of Himalaya Capital. "Market need, coupled with BidShift's technology lead, management team and customer traction, has created the potential for exponential growth and success for the near and long term."

Richter joins the BidShift board of directors, which includes Goldberg, Wilder and Springer.

About BidShift
BidShift, Inc. is a software solutions company committed to helping solve the urgent and complex problems of staffing in the healthcare industry. BidShift, the first commercially available auction-based staffing solution, has grown out of collaboration between one of the nation's leading healthcare providers and the company's years of experience in the development of web based technology and healthcare. BidShift is currently deployed in hospitals across the country including installations that are integrated with other market leading healthcare scheduling, payroll and human resource systems. Hospitals using BidShift have consistently demonstrated an ability to reduce the administrative costs of managing staff.

To address the escalating demand for its product, BidShift is presently hiring new staff experienced in sales, customer service and product implementation.

Visit BidShift at http://www.bidshift.com